Banco de Portugal was established on 19 November 1846 and is the central bank of the Portuguese Republic. According to its Organic Law, Banco de Portugal is a public-law legal person with administrative and financial autonomy and own property. The organs of the Bank are the Governor, the Board of Directors, the Board of Auditors and the Advisory Board. The Bank complies with a code of conduct. Banco de Portugal has its head office in Lisbon, a branch in Oporto, a number of agencies in mainland Portugal and two regional delegations (Madeira and Azores). Banco de Portugal is part of the European System of Central Banks (ESCB) since its inception in 1998, which consists of the European Central Bank (ECB) and the national central banks of the European Union (EU). In that capacity, Banco de Portugal pursues the objectives and is involved in the performance of the tasks entrusted to the ESCB. In accordance with the Treaty on European Union, Authe primary objective of the ESCB shall be to maintain price stabilityAu, which is the key objective of monetary policy.